A dear friend forwarded an article that went to great pains blaming the flawed and idealistic policies of the Clinton administration for the current financial mess. Really? The article has merit – but at the same time misses the point entirely. If you begin lining up culprits, the line will be long indeed.
Let’s find some guilty parties:
Mr. & Mrs. America: If you’ve defaulted on a mortgage, a bank, car, or credit card loan – and I really don’t care what your story is – you are part of the problem. That does not make you a bad person, but you are adding to the turmoil. ::That’s Personal responsibility.
Mr. & Mrs. No Limits: If you are living in a home you cannot afford with a mortgage you should never have qualified for – and again I don’t care about your story – you are part of the problem. We’ve already shoveled $100 billion to help these geniuses. Those of us that took personal responsibility are quite puzzled by this one. ::It’s called Common Sense
Mortgage Industry: If you were a high-flying mortgage banker, loan processor, or broker (or agent) that was moving fast and loose with paper that was not yours, lying to people on both sides to close the deal, you should probably be shot (and I am quite serious here). ::It’s called Integrity.
Too Smart: If you were one of the “brightest guys in the room” that helped design these exotic mortgage bundles and then syndicated them far and wide to avoid any concentrations (so the financial system would be safe) you are part of the problem. ::It’s called Character.
Financial Stalwarts: If you were an investment bank, insurance company or other bastion of financial integrity prized for your strength and power, and you bought these risky, bloated instruments to make a quick buck, you are part of the problem – and are now feeling incredible pain. ::It’s called Prudence.
Watchdogs: If you were one of the many trusted institutions or appointed officials charged with monitoring and regulating the banking and financial markets, you have truly fallen asleep at the switch. Those of you that did raise your voices were shouted down. Too bad. Regulators do not win popularity contests. You are all part of the problem. ::We call this Accountability.
National Leadership: If you sat in the Oval Office during the Clinton or Bush eras, or advised either man during this run-up, you to have much to answer for – and are part of the problem. :: We call this Judgement.
Elected Officials: Lastly, if you were an esteemed member of Congress, getting fat on dollars from a myriad of lobbists, or were hawking your populist credentials by browbeating regulators (such as Barney Frank, Chairman of the Banking Committee) to lower their standards while your friends were getting rich from sweetheart deals with Fanny and Freddie you are among the biggest offenders of all. You certainly are part of the problem. I’m about out of adjectives, but ::Corrupt, comes to mind.
– Carl Melville / Blogivous
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